The Peking University Summer Conference on Macro and Monetary Economic Theory Held Successfully in SEPKU

2017-06-22

From June 19 to
20,the Peking University Summer Conference on Macro and Monetary Economic
Theory was held in SEPKU.

The conference was
organized by SEPKU and co-organized by Peking University Graduate School. Prof.
Felix Kübler from University of Zurich, Professor Pedro
Gomis-Porqueras from University of Deakin,
Associate Professor Tao Zhu from Hong Kong University of Science and
Technology, Associate Professor Chao Gu from University of Missouri, Associate
Professor Liang Wang from University of Hawaii, Assistant Professor Chao He
from Shanghai University of Finance and Economics, Dr. Yu Zhu, Senior Economist
at Bank of Canada, Assistant Professor Han Han from SEPKU, and Assistant
Professor Kui Huang from National University of Singapore conducted academic
reports on a series of frontiers in the field of macro and monetary economics.

Prof. Sun Qixiang,
Dean of SEPKU, delivered a welcome speech at the opening ceremony. She pointed
out that macro-economics and monetary economics are the two branches of
economics which closely link with the current economic and social developments,
therefore international academic research and exchange platform are required,
so that the latest academic achievements can make positive contributions to the
development and progress of macro and monetary economics in cross-border mutual
blending and collision. Dean Sun said that the nine speakers who were invited
to the conference were well-known experts in the international academic circles
of macro and monetary economics. They have made outstanding contributions to
the development of theories such as economic growth, unemployment and
inflation, money supply and monetary policy. She hoped that participants would
be able to further promote mutual learning, exchange and discussion through the
meeting, and contribute to the development and progress of macroeconomic and
monetary economics. Associate Professor Qin Xuezheng, Assistant Dean of SEPKU,
presided over the opening ceremony, and Assistant Professor Han Han presided
over the subsequent academic report.

After the opening
ceremony, Prof. Felix Kubler from University of Zurich, Switzerland, reported
on his research results "Re-use of Collateral: Leverage, Volatility, and
Welfare". He pointed out that in the case of heterogeneous beliefs,
re-mortgages will exacerbate asset price volatility, and the moderate restraint
of re-mortgage can maximize the level of social welfare. Dr. Yu Zhu, Senior
Economist at Bank of Canada, reported on his research results "Model House
Prices: Theory and Estimation", which depicts the price distribution of
the property market based on dynamic direct search theory and the British real
estate market data, and provides a new explanation for the real estate market
price of the phenomenon of viscosity.

Associate
Professor Tao Zhu of Hong Kong University of Science and Technology reported
his research results with collaborators "Welfare-improving Roles of
Nominal Bonds", which explored how money and bonds could coexist and
whether the coexistence can improve social welfare.

Assistant
Professor Kui Huang from National University of Singapore reported on her
research results "On the Number and Size of Banks: Efficiency and
Equilibrium", which describes the model for calculating the optimal number
and size of banks under the conditions of limited commitment and endogenous supervision.
It is pointed out that the number of banks can only be optimized if the
government reasonably restricts the bank access. Assistant Professor Liang Wang
from University of Hawaii reported that his works with co-authors "Asset
Equilibria with Indivisible Goods". In the new monetarist framework, the
inseparable product is introduced into the media as a trading medium, which
proves that there is a single equilibrium when the dividend is nonnegative, and
there may be multiple equalization when the dividend is negative. Prof. Pedro
Gomis-Porqueras from University of Deakin, reported on his work with the
collaborators "The Effects of Secondary Markets and Unsecured Credit on
Inflation Dynamics", which theoretically explores the impact of the
development of US Treasury secondary market and unsecured credit on inflation
in the United States during the "moderate easing" period.

Associate
Professor Chao Gu from University of Missouri reported on her research results
with co-authors "Capital Pledgeability, Inflation and Unemployment",
pointing out that when the credit conditions are improved, the wage rate
increases and the unemployment rate decreases, when the inflation rate
increases, the wage rate decreases, but the unemployment rate is uncertain,
depending on the credit situation. Assistant Professor Han Han from SEPKU
reported the results of his research with the co-author "The Effects of
Monetary Policy and Other Announcements", indicating that there was a real
effect if and only if the currency shock was predicted, and that the
declaration of monetary policy exacerbated economic fluctuations. Assistant
Professor Chao He from Shanghai University of Finance and Economics, reported
on his research results "Financial Frictions and Monetary Policy
Implementations", pointing out that when the financial market is free of
friction, the total amount of transfer payments (LST) can be used as a monetary
policy tool, and when there is friction in the financial market, it should use
the standing loan convenience (SF) or the open market operation (OMO) as a
policy tool.

Finally, Assistant
Professor Han Han made a concluding statement. He congratulated the meeting on
its success and expressed his heartfelt gratitude to the speakers, the
participants and the staff. He pointed out that there are still many problems
in the field of macro and monetary economics. The meeting was fruitful and
achieved the desired results, and made positive contributions to the progress
and development of macro and monetary economics.